Investment - Articles - Just Group complete buy in deal with Keysight Technologies

Just Group has completed a buy-in transaction for the trustees of the Keysight Technologies UK Limited Retirement Benefits Plan (the plan), covering approximately £250 million of pensioner liabilities and over 750 members of the plan.

 The plan sponsor, Keysight Technologies, is a global manufacturer of electronic test and measurement equipment. As well as providing greater security for the members of the pension plan, this transaction represents a significant step in the Keysight Group’s strategy of de-risking its pensions exposure.

 Willis Towers Watson led the transaction on behalf of a joint working group formed with the trustees and the plan sponsor. The trustees were further advised on the transaction by Willis Towers Watson (as scheme actuary), Linklaters (as legal advisers) and Mercer (as investment advisers), while Pinsent Masons provided legal advice to Just.

 David Richardson, Group Chief Executive Officer at Just Group, said: “We are extremely pleased to be supporting the trustees and sponsor of the Keysight Technologies UK Limited Retirement Benefits Plan in their de-risking journey. The quality of our member services, our talented people and our focus on the bulk annuity business were factors that influenced the trustees to favour Just Group. We have received over £8.5bn of pension scheme liabilities and secured the benefits for over 40,000 pension scheme members since we entered the bulk annuity market in 2012.”

 Nick Johnson, Chair of Trustees at Keysight Technologies UK Limited Retirement Benefits Plan, said: “We chose Just because they demonstrated a well-rounded commercially compelling proposition that met the trustees’ needs and most importantly, their people were willing to accommodate the specific requirements of this transaction. I look forward to working in partnership with the Just team.”

 Suzanne Vaughan, Senior Director at Willis Towers Watson, said: “We are delighted to have advised the trustees and the sponsor of the Keysight Technologies plan on this transaction. This transaction highlights the benefits of trustees being actively engaged and hands on in their de- risking strategies. The pensioner buy-in market is currently very competitive and offers strong pricing opportunities to our clients, where the Keysight trustees secured participation from six of the eight insurers active in this market and Just delivered the most competitive overall proposition. We look forward to continuing to support the trustees on their de-risking journey.”

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